Wheat futures are at $6.7 per bushel, approaching the recent 9-month high of $6.8 recorded in mid May due to concerns regarding supply disruption from bad weather. Frosts in grain-growing regions in Russia is forecasted to have killed 1% of the sowed wheat acreage, leading to declaring a state of emergency in three regions. Additionally, earlier in May, heavy flooding hit Rio Grande do Sul state in Brazil, a large wheat producer. However, there were improvements in the ratings for U.S. winter wheat conditions as the El Nino weather pattern is expected to fade out by June. According to the latest WASDE report, supply is projected to slightly decline by 2.2 million tons in 2024/2025 while global consumption is expected to increase by 2 million tons.
Wheat increased 23.25 USd/BU or 3.70% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Wheat reached an all time high of 1350 in March of 2022. Wheat - data, forecasts, historical chart - was last updated on May 19 of 2024.
Wheat increased 23.25 USd/BU or 3.70% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Wheat is expected to trade at 693.83 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 755.73 in 12 months time.